Perrigo Company plc (PRGO), a provider of Consumer Self-Care Products, Thursday said pharmaceutical company Esteve Healthcare, S.L. has signed a binding offer to acquire Perrigo's HRA Pharma Rare Diseases business for up to 275 million euros.
The consideration includes an upfront cash payment of 190 million euros and up to 85 million euros on the Rare Diseases business achieving certain sales milestones.
"Divesting the HRA Pharma Rare Diseases business further supports our position as a leading fast-moving consumer goods company," said Patrick Lockwood-Taylor, Perrigo President and Chief Executive Officer. "The cash upfront proceeds from this proposed transaction would enable us to reduce net leverage to below 4.0x by the end of 2024."
The proposed transaction is expected to close during the third quarter of 2024.
Morgan Stanley & Co. LLC is serving as financial advisor to Perrigo.
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